Chipotle Mexican Grill, Inc. CMG shares are trading lower by $15.04 at $602.19 in Friday's session. The catalyst for the decline is a downgrade by Baird from Outperform to Neutral and lowered its price target to $675.
After a lower open, it rallied to $611.99 before falling under $600, reaching $594. It has not closed under $600 since July 21, 2014, when it ended the session at $589.93. It lept to $659.77 the following day after announcing its 2014 Q2 EPS beat.
Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.
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